Cantor Fitzgerald Announces Agreement With Chicago Mercantile Exchange to Provide Direct Access to US Treasury Cash Market.NEW YORK--(BUSINESS WIRE)--July 2, 1998--Cantor Fitzgerald announced today that it has reached an agreement with the Chicago Mercantile Exchange Chicago Mercantile Exchange (CME) Chicago Mercantile Exchange (CME) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. (CME CME See: Chicago Mercantile Exchange CME See Chicago Mercantile Exchange (CME). ) to provide exchange members with direct access to the firm's US treasury cash market via Cantor Fitzgerald brokers located on the floor of the CME, equipped with Cantor Direct(tm). Cantor Direct(tm) is a remote access terminal, currently operated by Cantor Fitzgerald brokers, providing direct access to the Cantor Fitzgerald Trading System (CFTS CFTS Contracted Flying Training and Support CFTS Contracting File Transfer Support ), the firms's proprietary Interactive Matching(tm) system. An innovative, rule- based matching system, CFTS brings the benefits of traditional trading to an electronic arena. Cantor Fitzgerald introduced CFTS to its New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of trading floor in February 1996, becoming the first US Treasury inter-dealer broker Inter-dealer Broker 1. A brokerage firm operating in the bond or OTC derivatives market that acts as an intermediary between major dealers to facilitate inter-dealer trades. 2. to move from open outcry Open Outcry A method of trading on a commodity exchange by making verbal bids and offers in the trading pits. Notes: A contract is made if one trader cries out that he wants to sell at a certain price and then another trader yells out that he will buy at that same price. to electronic matching. CFTS enables Cantor Fitzgerald brokers to provide their customers with even faster, more efficient trade execution, as well as enhanced trade information. Cantor Direct(tm) extends that capability worldwide, giving customers in Chicago, London, Toronto (and later this month Tokyo) the same direct access to the market as the firm's New York customers. "Cantor Direct(tm) will provide qualified CME members with the fastest and most direct access to the wholesale US treasury cash market," said Howard Lutnick, Cantor Fitzgerald's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The addition of this potentially active customer base will bring added depth and liquidity to Cantor Fitzgerald's US Treasury market, benefitting all our US Treasury market customers." "This is our third alliance with a major international exchange in the past year which is aimed at blending the technology and distribution expertise of Cantor Fitzgerald with the product, facilities and clearing capabilities of various exchanges," said Debra Walton-Collings, Cantor Fitzgerald's Managing Director. Access to Cantor Direct(tm) for qualified traders on the floor of the CME will be available via the exchange's new Traders Instant Treasury Access Network (TITAN). "TITAN is expected to further stimulate activity and increase the depth of all our interest rate products, especially our flagship eurodollar futures," said CME Chairman Scott Gordon. "The access to cash markets for our members will be good news for all users of our markets." Cantor Fitzgerald is the world's largest electronic marketplace for US and International Sovereign debt and Eurobonds, and is also one of the largest "third market" equity firms in the US stock market. The firm is also a member of the Chicago Mercantile Exchange, Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options. , London International Financial Futures Exchange, the London Metals Exchange and Deutsche Terminborse. Cantor Fitzgerald is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and employs 2,300 people in 15 offices worldwide.
CONTACT: Cantor Fitzgerald, L.P. New York
Debra Walter-Collings, 212/938-7235
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